European bank stocks soared yesterday, as buoyant results from UBS, relief at watered-down global regulatory proposals and the afterglow of last Friday's stress tests results overcame investor nervousness.
The FTSE Eurofirst banks index closed up nearly 5 per cent, the best performance since the €750bn ($970bn) eurozone bail-out package was sealed on May 10, outshining other sectors in Europe and bank stocks elsewhere in the world.
“Banks have been the biggest underweight sector for European investors. That position appears now to be reversing,” said Daniel Davies, analyst at Credit Suisse.
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